CGT and sale of shares - Reporting requirements without Self Assessment

My son needs to sell some shares which he bought for £30K and have increased in value only by £2K since purchase My understanding is that for 2023/24, the Annual Allowance for CGT purposes is £6K so he should not need to pay any CGT. However, since the shares sold exceeds 4 times the Annual Allowance (my question is) does he need to report this to HMRC at all? And, if he does, since he does not fill in a Self Assessment Form, how is this best done?

Hi PKR,
Please refer to Report and pay your Capital Gains Tax
Thank you.

Your own website suggests that CGT Reporting Limit is 4x Annual Exempt Amount (which is 6K for 23/24) making this 24K. However I beleive this was actually fixed at 50K. Am I wrong ?

Hi PKR

To clarify, it was not fixed, it is 4 x annual exempt amount each year.

Thank you

Now I am getting really confused about the Reporting Limit. I am quoting another post on this forum...... "Posted 2 months ago by HMRC Admin 32 Hi,For th. e tax year 2023 to 2024 the AEA will be £6,000 for individuals and personal representatives, and £3,000 for most trustees. For the tax year 2024 to 2025 and subsequent tax years the AEA will be permanently fixed at £3,000 for individuals and personal representatives, and £1,500 for most trustees. The measure also fixes the CGT proceeds reporting limit at £50,000." Has something changed since this was posted by HMRC 2 months ago ?

Hi,

As per the following guidance, if your total gains are less than the tax-free allowance you do not have to pay tax if your total taxable gains are under your Capital Gains Tax allowance.

Capital Gains Tax: what you pay it on, rates and allowances

You still need to report your gains in your tax return if both of the following apply:

• the total amount you sold the assets for was more than 4 times your allowance
• you are registered for Self Assessment

Thank you.